In this article, Biometric Update reports on how Incode Technologies is preparing to raise new capital at a projected $3B valuation, positioning the company to accelerate product innovation and capture emerging opportunities across AI-driven biometrics and fraud prevention. As demand for secure, real-time identity verification grows worldwide, Incode aims to expand its global footprint and strengthen its leadership in the next wave of autonomous and trusted digital identity.
Read the transcription of this article, published by Biometric Update on November 20, 2025.
Incode seeks fundraise at $3B valuation to seize biometrics opportunities
Incode is looking for a cash influx as it looks to capitalize on new scale and opportunities for government biometrics contracts.
The company is seeking to raise $150 million to $300 million in a funding round with a valuation of up to $3 billion, sources told Bloomberg.
Incode acquired AuthenticID in August to bring together the former’s AI-powered software and the latter’s enterprise expertise to fight increasing fraud attacks with agentic AI, deepfakes and synthetic identities. Incode launched an agentic AI authentication framework just weeks ago.
CEO Ricardo Amper explained why scale is important in biometrics and who owning the full stack of authentication and fraud prevention technologies is crucial in a guest post for Biometric Update about the acquisition.
Amper said at the time that Incode had processed more than 4.1 billion identity checks in 2024, and was serving 8 of America’s top 10 banks, 8 of North America’s top 9 telcos and 4 of Latin America’s top 5 banks. The unnamed source told Bloomberg Incode is up to $170 million in annual recurring revenue.
The company also achieved FedRAMP Ready status this month, as it looks for opportunity in U.S. federal government contracts.
Incode’s last major fundraise was a 2022 series B, when it picked up $220 million from investors including General Atlantic and a Softbank fund focussed on Latin America.
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Biometric Update is a leading global publication dedicated to news, analysis and insights on digital identity, biometrics and AI-driven security technologies. Trusted by industry leaders, policymakers and researchers, the outlet provides in-depth reporting on market trends, regulatory developments and innovations shaping the future of identity verification and fraud prevention.
Read the full article here and learn more about Incode in this link.
